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Auto bailout fails, stock indexes drop

Mon, Dec 15 2008, 09:06 GMT
by Guillermo Alcalá

FXstreet.com


The week we leave behind we have seen the automotive bailout plan failing, the market expected an agreement on a financial lifeline to the three biggest car manufacturer.. Stock markets have reacted negatively to the news with auto makers being the biggest losers.

On the currencies side, the Yen has strengthened, specially against the Dollar, reaching a 13 year high, the yYn is too strong at the moment for Japanese exports, thus, we can expect some action by the Bank of japan to try to revert the current situation.

The Dollar has lost weight against most currencies, not only against the Yen; Euro Dollar has rallied to a 7-week high and the USD/CHF has continued to the downside despite the libor rate cut approved by the Swiss National Bank.

Next week we have some interesting events on focus, especially interest rate decisions by the Fed and the Bank of Japan, let's take a look at them:

Sunday December 14

  • 23:50    Japan    Tankan Large Manufacturing Index - 4Q (Previous: -3)
  • 23:50    Japan    Tankan Non - Manufacturing Index - 4Q (Previous: 1)

Monday December 15

  • 00:01    United Kingdom    Rightmove House Price Index - December   (Previous: -2.9 m/m; -7.1% y/y);
  • 08:15    Switzerland    Producer and Import Prices - November (Previous: -0.6 m/m; -2.9% y/y)
  • 13:30    United States    NY Empire State Manufacturing Index - December     (Previous: -25.43)
  • 14:00    United States    Net Long-term TIC Flows - October (Previous:     $66.2B)    
  • 14:15    United States    Industrial Production - November (Previous:     1.3%)
  • 17:30    European Monetary Union    ECB Trichet's Speech

Tuesday December 16

  • 00:30    Australia    RBA Meeting's Minutes - December
  • 09:30    United Kingdom    Consumer Price Index - November (Previous: -0.2 m/m; 4.5% y/y; Core: 1.9% y/y);
  • n/a    United Kingdom    BoE Inflation Letter
  • 11:00    European Monetary Union    Employment Change - 3Q (Previous: 0.2% Q/Q; 1.2 Y/Y)
  • 13:30    United States    Consumer Price Index - November (Previous: -1% m/m; 3.7% y/y; Core: 2.2% y/y);
  • 13:30    United States    Housing Starts - November (Previous:     0.791M Annual rate)
  • 19:15    United States    Fed Interest Rate Decision (Current: 1%)

Wednesday December 17

  • 07:00    Germany    Consumer Price Index - November (Previous: -0.2% m/m; 2.4% y/y)
  • 08:30    Germany     Preliminary Purchasing Manager Index Manufacturing - December (Previous:  35.7)
  • 08:30    Germany     Preliminary Purchasing Manager Index Services - December (Previous:  45.1)
  • 08:30    Euro Zone  Preliminary Purchasing Manager Index Manufacturing - December (Previous:  35.6)
  • 08:30    Euro Zone  Preliminary Purchasing Manager Index Manufacturing - December (Previous:  45.1)
  • 09:30    United Kingdom    Bank of England Minutes
  • 09:30    United Kingdom    ILO Unemployment Rate (3M) - October (Previous: 5.8%)
  • 10:00    European Monetary Union    Consumer Price Index - November (Previous: 0 m/m; 2.1% y/y; Core: 1.9% y/y)
  • 13:30    United States    Current Account - 3Q (Previous: -$183.1B)


Thursday December 18

  • 07:15    Switzerland    Trade Balance - November (Previous: 1.84B)
  • 09:00    Germany    IFO - Business Climate - December (Previous: 85.8)
  • 09:30    United Kingdom    Retail Sales November (Previous: -0.1% m/m; 1.9% y/y)
  • 10:00    European Monetary Union    Trade Balance n.s.a. - October (Previous: -€5.6B)
  • 13:30    Canada    Leading Indicators - November (Previous: 0.4%)
  • 15:00    United States    Leading Indicators November (Previous: -0.8%)
  • 15:00    United States    Philadelphia Fed Manufacturing Survey - December (Previous: -39.3)
  • 23:50    Japan    All Industry Activity Index - October (Previous: -0.1)
 
Friday December 12
    
  • n/a    United Kingdom    Gfk Consumer Confidence - December (Previous -35)
  • n/a    Japan    BoJ Interest Rate Decision (Current: 0.3%)
  • n/a    Japan    BoJ's Governor Shirakawa Speech
  • 07:00    Germany    Producer Price Index - November (Previous: 0% m/m; 7.8% y/y)
  • 12:00    Canada    Consumer Price Index - November (Previous: -1% m/m; 2.6% y/y; Core: 1.7% y/y)

Published on  Mon, Dec 15 2008, 11:07 GMT


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